The three co-developers roped in by Amrapali Group have started work in around six of the 15 stalled projects.
The three co-developers roped in by Amrapali Group have started work in around six of the 15 stalled projects, a source close to the development said. “Around 500 labourers and contractors have been hired and eventually the number is likely to go up to 1,000… They have started the work and the various co-developers have also put up their boards on the site,” the source said.
The three builders selected for the completion of the pending projects are Galaxy Dream Homes, India Infoline and Kanodia Business, while the projects where the work has started include Sapphire Phase 1 and Phase 2, Princley Estate, Dream Valley, Leisure Park and Centurian Park.
Meanwhile, the embattled developer has already deposited `250 crore in an escrow account of the UCO Bank branch on the Supreme Court premises as directed by the apex court.
The pending projects have been divided into four baskets for completion. A timeline has also been drawn for the completion of the projects from seven months to 42 months.
According to the affidavit submitted with the Supreme Court, the builders will be developing a total of 40,987 units that are to be completed, which requires `5,112 crore to complete. The Galaxy Group will be making an investment of `2,500 crore in the next four years to revive and construct eight pending residential projects, which would bring relief to over 28,000 customers who have invested in these projects, the official said.
India Infoline and Kanodia would construct six projects and one project, respectively. The co-developers have also signed a memorandum of understanding with the Amrapali Group that they would charge 10% of the construction cost.